Portfolio Management Actuary
About Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cybercrime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group's overall mission. About the Team
The mandate of the Portfolio Management team is to monitor, protect and maximize the long-term value of the in-force L&H portfolio in Asia. About the Role:
•Working with Actuarial Management, ensuring clarity in communication of EVM and USGAAP results, so that the business can make the right decisions;
•Ensure new business is on-boarded taking into account its risk profiles and materiality;
•Identifying and managing portfolio characteristics, and support Client Management and Products in negotiating favourable treaty terms (including recaptures where appropriate);
•Identifying and managing portfolio risks such that proactive action can be taken to protect the value of the in-force and ensure its sustainability;
•Facilitating the feedback loop process, such that there is good information flow and action between the relevant cross-functional teams; and
•Encouraging and facilitating activities that enhance the quality and value of our USGAAP earnings. Major Responsibilities
1)Portfolio Management: actively participate and support the Head of Portfolio Management Asia's responsibility in engaging with other internal partner functions (and with external clients) to perform effective management of L&H's in-force portfolios.
2)Driving initiatives on the inforce portfolio to increase value and manage risk. This includes for example:
a)Performing Closed Treaty Reviews on reviewable rate treaties periodically to review profitability, present at the Portfolio Review Group and propose actions.
b)Complete quantitative experience analysis and valuation for recapture purposes.
c)Driving initiatives on the inforce such as project Neo and Yogi
d)Inforce solution initiatives, e.g. retentions management, IFRS 17
a)Act as a key input provider for business steering and in-force management via monitoring experience and communicating lessons learned and reserving implications to key stakeholders
b)Manage the production of regular and ad hoc monitoring analysis, including claims, retention/lapse, and other.
4)Transactions and Governance:
a)Support the team leader's role in providing referral review and approval on client treaty recapture and re-pricing activities requiring Business Management sign-off based on defined referral governance authority.
b)Support for transactions both pre-deal as key business bound representatives, and post deal implementation.
5)Provide occasional back-up technical support to the L&H Actuarial Management teams as required.
6)Support Group wide and local projects as required, including other priorities of the L&H Business Management team. About You:
•Qualified actuary (or near-qualification) with a recognised Actuarial professional body.
•Minimum 8 years of L&H valuation or pricing experience in reinsurance or primary insurance
•Solid technical knowledge in areas of liability portfolio management (eg. experience analysis, product pricing and valuation, financial performance analysis)
•Working knowledge of US GAAP financial reporting and embedded valuation methods (eg. MCEV, EEV, TEV)
•Analytical skills, good understanding of financial reporting systems, actuarial models and data management
•Fundamental understanding of the Asian insurance and reinsurance industry, and knowledge of the main products and services offered by Swiss Re and its competitors
•Excellent communication and presentation skills, with proven ability to chair large meetings with cross functional teams
•Ability to navigate in ambiguity and to work autonomously